Indian DRI, billet & rebar update- 19th Oct

The Indian secondary steel market sentiments remained optimistic today as prices moved up INR 100-500/t. As per the SteelMint's assessment, sponge iron prices have increased by INR 150-400/t & billet prices by INR 100-500/t, across many markets.

Following the trend, rebar prices also registered a hike of around INR 100-300/t, however, a slight reduction of INR 100/t was seen in Hyderabad & Goa market.

Trade sources in central India, Raipur reported that there were sufficient bookings on increasing price today & the producers were not taking bulk bookings on assumptions of a further surge in prices in the coming days.

Raw Material

• BMM Ispat located in Bellary, Karnataka sold around 5,000 t pellets in nearby market at INR 8,500/t exw.
  
  
• Silicon manganese (60-14) trades reported at INR 59,500/t exw Raigarh.
  
  

Semi Finished

• Induction grade billet export offers surged by $5/t to $405-408/t exw Durgapur, equivalent to $430-435/t CPT Nepal, via road delivery. However no fresh deals as bids remained at less price range, as per Kolkata based exporters.
  
  
• Raipur based sponge P-DRI manufacturers have raised offers by INR 300-500/t to INR 19,800-20,000/t exw & sufficient deals reported by officials.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 19,500/t & billet at INR 30,000/t exw.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 28,000/t exw & few deals reported in local market.
  
  
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 20,000/t exw Jajpur.
  
  
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 19,700-19,800/t exw Bellary.
  
  
• Hare Krishna has offered FeM 79-80 P-DRI at INR 20,000/t exw Bellary (Up by INR 300/t).
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 33,600/t exw Raigarh (Up by INR 500/t).
  
  
• Century TMT is offering at INR 34,600/t exw Muzaffarnagar.
  
  
• Polaad TMT unchanged offers at INR 35,000/t exw Jalna.
  
  
• ARS 550 D offering rebar at INR 38,300/t exw Chennai.
  
  

Wire Rod & Structure

• Mid scale mills wire rod export offers up by $3-5/t to $455-458/t exw Durgapur, equivalent to $480-485/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod dropped by INR 200/t to INR 800-1,000/t, however base price remains firm at INR 34,300/t exw. Durgapur based plants have increased offers by INR 200/t to INR 33,400-33,800/t exw.
  
  
• Raipur based heavy structure manufacturers, reduces the offer price by INR 200/t and given trade discount by INR 800-1,100/t, current trade price of 200 Angle stood at INR 36,800-37,200/t exw.
  
  

Reference prices as on 19th Oct'20